Borrow Money to Buy a Foot Solutions Franchise

Borrowing money to purchase a Foot Solutions franchise? Scottish Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Charlotte, North Carolina and are interested in buying a Foot Solutions franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2003 by Scottish Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

FOOT SOLUTIONS
CHARLOTTE, NC 20203

SBA Loan Lender

SCOTTISH BANK
1057 PROVIDENCE RD
CHARLOTTE, NC 28207

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5661 - Shoe Stores

NAICS Code

448210 - Shoe Stores

Loan Approval Date

11/6/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Foot Solutions franchise. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Foot Solutions

Understanding Dilution

SBA 7A Banks for Charlotte, North Carolina Loans

Getting an SBA Loan in North Carolina